I know I'd rather not see BP turn into dividing partisan nonsense the way the rest of the internet has.

Loop net's listed cap rate is usually just the gross rent divided by the list price.  

Our near term goal is to land a property with good cash flow, longer term (6-18 months) I'm hoping to get into a larger multi-family deal.The property in question is in Brighton Colorado, and has 3 separate structures on the lot, 2 houses (1/1, 600 sqf, 2/1 775 sqf) and a garage that is divided into two storage units.

If you want to do a rough ballpark to see if you might meet this, pull up your most recent tax returns (or 2017 before you file them), look at net taxable number at the bottom of Schedule E, add back depreciation and mortgage interest, divide by 12, and subtract your P&I payment (we removed just the interest earlier, now we're including the P&I) to arrive at ballpark monthly true net cashflow, and compare to personal monthly debt obligations.In your case, the strategy might be to find a local lender that'll entertain this, take out as much as you can using Fannie money, and only use hard money once you're tapped out of Fannie money. 

I have a property that I am currently very interested in purchasing and it is on a double lot. I want to know if it is possible to slit the 2 lots and sell the 2nd, or build on it myself after I purchase?

Now from investors point of view they typically want to see an 8% or better cap rate but let's say your market likes a 10% cap so divide the NOI by .10(for 10% cap rate) which equals a value of $144,000. 

The clause I use when negotiating for a principal mortgage goes like this "Seller agrees to hold a $15,000 first subordinated principal mortgage with payments of $250.00 a month for (divide $250.00 into $15,000) 60 months.I would also use the follow  - the mortgage shall be fully assumable without qualificationThe buyer reserves the right to substitution collateral  of this mortgage anytime during the life of the mortgage.

The money you save on the loan is chicken feed compared to what you'll spend in permitting zoning and construction costs to divide the property.

To calculate your ROI on the third bedroom first figure out what the difference in rent you will in for the third room, multiply that number by 12, then divided by 25k; this equals your ROI.

There are wide divides in the multifamily industry and depending on the loan amount there are different lenders (or lender products that you are looking for):Loans under $1M - local banks$1-5MM - Small balance Freddie$2-20MM - FHA (if you are looking for a longer term/fully amortizing debt)$5-50MM - Fannie Mae/Freddie Mac$10MM+ - Portfolio Lenders (large banks or insurance companies).